Core Scientific (NASDAQ:CORZ) Shares Gap Down – What’s Next?

Core Scientific, Inc. (NASDAQ:CORZ)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $15.98, but opened at $13.19. Core Scientific shares last traded at $12.57, with a volume of 11,290,401 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods started coverage on shares of Core Scientific in a report on Monday. They set an “outperform” rating and a $22.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Core Scientific in a research report on Friday, January 17th. Craig Hallum started coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. BTIG Research raised their price target on shares of Core Scientific from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Finally, HC Wainwright lifted their price objective on shares of Core Scientific from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Down 29.0 %

The company has a market capitalization of $3.17 billion and a PE ratio of -2.08. The firm has a 50-day moving average of $15.56 and a two-hundred day moving average of $13.01.

Core Scientific (NASDAQ:CORZ) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $95.35 million during the quarter, compared to analysts’ expectations of $94.80 million. On average, equities research analysts expect that Core Scientific, Inc. will post 0.5 EPS for the current year.

Insider Activity at Core Scientific

In other news, CEO Adam Taylor Sullivan sold 88,380 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total value of $1,258,531.20. Following the completion of the sale, the chief executive officer now directly owns 4,128,505 shares of the company’s stock, valued at approximately $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd M. Duchene sold 129,861 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.24, for a total transaction of $1,849,220.64. Following the transaction, the insider now owns 2,051,649 shares in the company, valued at approximately $29,215,481.76. This trade represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 349,043 shares of company stock worth $5,449,345. 32.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Wealth Partners LLC purchased a new stake in shares of Core Scientific in the third quarter valued at about $106,266,000. Rush Island Management LP purchased a new stake in Core Scientific during the 3rd quarter valued at approximately $32,221,000. Taconic Capital Advisors LP lifted its position in Core Scientific by 178.7% during the 3rd quarter. Taconic Capital Advisors LP now owns 2,717,462 shares of the company’s stock worth $32,229,000 after acquiring an additional 1,742,462 shares during the period. Mirabella Financial Services LLP purchased a new position in shares of Core Scientific in the 3rd quarter valued at approximately $18,383,000. Finally, Geode Capital Management LLC increased its holdings in shares of Core Scientific by 26.7% in the third quarter. Geode Capital Management LLC now owns 5,276,573 shares of the company’s stock valued at $62,594,000 after purchasing an additional 1,113,285 shares during the period.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.